v3.26.1
Note 17 - Segment and Geographic Information
6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

Note 17. Segment and Geographic Information

The Company operates in one reportable segment. The Company’s Chief Executive Officer, who is considered to be the chief operating decision maker ("CODM"), manages the Company’s operations as a whole and reviews financial information presented on a consolidated basis, accompanied by information about product revenue, for purposes of evaluating financial performance and allocating resources. Our CEO is the functional head of all operations and manufacturing. Our Board, in conjunction with our CODM, considers our consolidated performance and does not have individual financial or operating goals for each location, nor for any other subset of the Company's operations. As such, the Company has determined it operates as one reportable segment. 

 

Our CODM uses net income or loss to allocate resources and assess performance. The CODM regularly reviews the consolidated net income or loss to make strategic decisions, such as capital expenditure plan, production plan and manpower allocation. The following table is in thousands.

 

  

Three months ended June 30,

  

Six months ended June 30,

 
  

2026

  

2025

  

2026

  

2025

 

Revenues

 $191,922  $102,952  $343,066  $202,811 

Cost of goods sold

  (138,715)  (71,790)  (245,943)  (141,105)

Adjusted research and development

  (34,039)  (20,425)  (59,243)  (37,960)

Adjusted sales and marketing

  (10,602)  (7,303)  (16,498)  (12,337)

Adjusted general and administrative

  (22,914)  (14,336)  (43,187)  (27,224)

Other segment items

  (8,433)  1,804   (15,257)  (2,455)

Net loss

 $(22,781) $(9,098) $(37,062) $(18,270)

 

We exclude share-based compensation and related expense, certain legal expenses associated with litigation and other one-time expenses from adjusted research and development, adjusted sales and marketing and adjusted general and administrative expenses.

 

Other segment items include share-based compensation expense, interest expense, interest income, certain legal expenses associated with litigation and other one-time items. 

 

The following tables set forth the Company’s revenue and asset information by geographic region. Revenue is classified based on the location of where the product is manufactured. Long-lived assets in the tables below comprise property, plant, equipment, land use rights, right of use assets and intangible assets (in thousands):

 

  

Three months ended June 30,

  

Six months ended June 30,

 

 

2026

  

2025

  

2026

  

2025

 

Revenues:

 

  

         

United States

 $1,339  $803  $2,216  $1,954 

Taiwan

  108,426   39,505   189,364   67,333 

China

  82,157   62,644   151,486   133,524 

Total

 $191,922  $102,952  $343,066  $202,811 

 

  

June 30,

  

December 31,

 
  

2026

  

2025

 

Long-lived assets:

      

United States

 $313,023  $123,677 

Taiwan

  195,828   146,673 

China

  271,954   162,322 

Total

 $780,805  $432,672